【Request Movies】

On March 23,Request Movies China’s Didi reported an RMB 535 million ($74.3 million) profit for 2023, its first annual profit in four years as the ride-hailing giant gradually recovers from the impact of a Covid-era pullback and a year-long regulatory crackdown by Beijing. However, the company swung to a full-year loss attributable to ordinary shareholders of around RMB 502 million, which is still a significant reduction compared to the nearly RMB 24.7 billion loss from a year earlier. Revenue from its core ride-hailing business both in China and overseas markets increased by more than a third year-on-year to RMB 175 billion and RMB 7.8 billion respectively, and chief executive Cheng Wei said they are “fully confident” in the future progress. The company is planning a public share sale in Hong Kong this year, according to Bloomberg, after being delisted from the New York Stock Exchange in June 2022 and paying RMB 8.02 billion fine after a cybersecurity investigation.[TechNode reporting, Didi release]

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